COMPETITION TRIBUNAL PROCEEDINGS Proceedings concerning alleged violations of the Competition Act may be commenced before the Competition Tribunal. The Competition Act governs matters such as mergers, misleading advertising and restrictive trade practices (see the Competition Law chapter of this guide). The Tribunal is a strictly adjudicative body that operates independently of any government department. The Tribunal consists of judicial members (who are sitting judges of the Federal Court and often have a background in competition law) and lay members (who are typically experts in economics and business). SECURITIES COMMISSION PROCEEDINGS Each of Canada’s provinces has a securities regulator that oversees the capital markets, including equities, fixed income securities and derivatives (see the Financing a Business Operation chapter of this guide). In Ontario, the Ontario Securities Commission (OSC) has broad powers to enforce the Ontario Securities Act and to investigate allegations of misconduct in the capital markets. Enforcement proceedings commenced by staff of the OSC are brought before the Capital Markets Tribunal, which is an independent division of the OSC. Proceedings before the Capital Markets Tribunal include allegations against individuals or companies suspected of violating securities law or acting contrary to the public interest. In addition, the Tribunal conducts hearings on regulatory matters such as takeover bids and reviews decisions from certain self-regulatory organizations, stock exchanges and clearing agencies. Proceedings before the Tribunal are heard by a panel of commissioners with expertise in matters of law and finance. The Tribunal has its own rules and procedures. Decisions of the Tribunal may be appealed to a court, but Ontario courts generally show deference to the expertise of the Tribunal.
A number of provinces have simplified procedures that can be used to resolve disputes of lower monetary value.
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Doing Business in Canada
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